The U.S. Senate and House of Representatives have passed the Inflation Reduction Act of 2022 (the Act), which climate analysts have hailed as game-changing for the growth of solar power, and solar manufacturing, in the United States. The Act has numerous key provisions aimed at combating climate change, including several changes to the tax laws that will significantly impact the U.S. solar manufacturing industry.
The Biden Administration estimates that the Act will result in an investment of $370 billion in energy security and climate change programs, with the goal of reducing carbon emissions by 40% by the year 2030. Importantly, the Act’s provisions not only incentivize increased installations of solar energy, but provide key benefits for companies manufacturing solar products, like cells and modules, in the United States, advancing a first-ever American clean energy industrial policy.
The most significant provisions of the Act affecting the U.S. solar industry include:
The Act creates several advanced manufacturing production tax credits for certain clean energy components, for 10 years, referred to as “45X” credits. The congressional Joint Committee on Taxation’s analysis[1] estimates that the Act will direct more than $30 billion during the decade to advance American manufacturing of solar panels and components, wind turbines, inverters, and batteries for electric vehicles and the power...
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